Javelin Strategy & Research Announces 2017 Mobile Banking Award Winners: Bank of America has the Best Overall Mobile Banking App
Javelin Strategy & Research’s 2017 Mobile Banking Scorecard emphasizes six critical areas that banks need to address to deliver a better standalone mobile banking experience to customers.
San Francisco, CA, October 31, 2017: Javelin Strategy & Research today announced its eighth annual Mobile Banking Awards. Javelin analyzed how well the nation’s top 28 retail banks and credit unions are keeping pace with consumers’ shifting exceptions of their mobile banking capabilities. Javelin evaluated more than 150 mobile app features across six key categories: ease of use, security empowerment, financial fitness, money movement, customer service, and account opening.
Bank of America earns “Best in Class” in Javelin’s 2017 Mobile Banking Awards. Bank of America comes out on top thanks to its strong leadership in five of the six categories: security empowerment, financial fitness, money movement, customer service, and account opening. USAA also shared leadership in five categories. Wells Fargo distinguished itself in four areas and Navy Federal Credit Union lead in three. BBVA Compass was the only other bank from the top 28 to lead any category, demonstrating its app’s ease of use.
“Ten years after the launch of the first iPhone, it’s time for banks to finally deliver mobile as a true standalone banking channel for consumers,” said Emmett Higdon, Director of Digital Banking at Javelin Strategy & Research. “Forcing users still to go online to set up services or features before using them on their mobile devices creates enormous friction that continues to keep consumers on the mobile banking sidelines.”
2017 Mobile Banking Category Leaders
Ease of Use Leaders: BBVA Compass, Navy Federal Credit Union, USAA
Security Empowerment Leaders: Bank of America, USAA, Wells Fargo
Financial Fitness Leaders: Bank of America, USAA, Wells Fargo
Money Movement Leaders: Bank of America, USAA, Wells Fargo
Customer Service Leaders: Bank of America, Navy Federal Credit Union, USAA
Account Opening Leaders: Bank of America, Navy Federal Credit Union, Wells Fargo
2017 Mobile Banking Scorecard Report
For the 2017 Mobile Banking Scorecard report, Javelin assessed the mobile banking apps from the 28 top U.S. banks across six categories that are fundamental to meeting consumers’ end-to-end banking needs through the mobile channel.
The scorecard measures more than 150 criteria that address consumers’ daily informational and transactional expectations, including balances, alerts, bill payments, and transfers. Moving beyond these baseline needs requires banks to integrate their digital delivery with daily insight and advice, to better position the institution as a proactive partner with the consumer along the journey to financial fitness.